Featured

Saipem has been awarded new contracts and extensions to existing agreements in onshore drilling worth approximately US$220M in total, the Italy-based company said on Wednesday. The new contracts involve projects to be carried out in Bolivia and Saudi Arabia, while...

Two storage tanks have exploded at the Petro San Felix heavy-crude upgrading project in eastern Venezuela, according to an oil industry source and a legislator, Reuters said in a report on Wednesday. According to the Reuters report, the tanks were...

The Caribbean Development Bank (CDB) is applauding Guyana’s efforts to establish a Natural Resources Fund as the South American country prepares for first oil in 2020. Speaking recently at the Bank’s annual news conference in Bridgetown, Barbados, Director of Economics,...

Lord Provost of Aberdeen, Councilor Barney Crocket, is scheduled to visit Georgetown, Guyana this Friday (March 15). The visit is a follow-up to the Aberdeen Guyanese trade mission in November, last year. This was disclosed recently by British High Commissioner to Guyana, Greg...

(Reuters) - Venezuelan state-run oil firm PDVSA has been unable to resume crude exports at its primary port since last week’s blackout, according to people familiar with the matter, indicating that the country’s massive power outage is crippling the...

In the exploitation of many depletable resources, two separate investment activities can be distinguished that must take place if production is to continue in an orderly fashion: exploration and development. It is well accepted in economic theory that land...

(CNBC) Norway's trillion-dollar sovereign wealth fund plans to dump oil and gas companies from its benchmark index, the finance ministry announced on Friday. The move, initiated by Norges Bank which manages the fund, is designed to make the Norwegian government's...

Chinese state-owned Shanghai Waigaoqiao Shipbuilding (SWS), the company contracted by SBM Offshore to build the Fast4WardTM hull for the Liza Unity FPSO, has officially launched its offshore engineering arm, Waigaoqiao Qingdong Offshore Engineering Company, located at Qidong ship industrial park, Jiangsu. Seatrade Maritime News reports...

(Reuters) - Petroleum production costs on the Norwegian continental shelf rose in 2018 after falling for three consecutive years, state-owned oil firm Petoro said on Thursday. Cost cuts were high on oil firms’ agenda following a sharp fall in crude...

Houston-based Apache Corporation is set to spud its first well offshore Suriname by mid-year in Block 58 which sits adjacent to sections of the prolific Stabroek Block where ExxonMobil has found more than 5.5 billion barrels of oil equivalent. Apache...